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Home My WebLink About0568 said morig~+gor doc~s hereby fuliy warrant the~ title to said land, dnd eve~y pdrt thereof, and will defend the same .~~ainst the law•ful claims of all persons whomscever. PROVIDED A[.WAYS, and these presents are executed and deti~~ered upon the following conditions, to wit: The mortgagar agrees to pay the murtgagee, oc order, the p~incipai sum of SEVENTEEN THOUSAND and 00/100-------------------------------------------------------- Dot2ars (S17,QQ0.00 as evidenred by~ a note of even date herewith, with interest from date at the rate of SEVEN per centum ( --7-- q(,) per annum on the unpaid balance until paid. The said p~incipal and inte~est shall be payable at She of[ice of ATICO MORTGAGE CQRPORATION, P. O. Box 3131, Miami, Florida 331U1 or at such other place as the holder of the note may designate in writing, in monthty instailments of One Hundred thirCeen and 22/100------------------------Doltars (s113.22 coma~encing on the [irst day of December , 19 71 , and on the first day of each moath ther~after untiltheprincipal and interest ace futly paid, except that the fireal payment of principa! and inirresi, ii «vt sooner paid, shall be due and payable on the first day of November, 2041 ; And shall duly, promptly, and fully perform, discharge, execute, efEect, compiete, and_comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagot further covenants as follows: ~ 1. That he will pay the indebtedness, as he~einbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the Eirst ~ da~• of any month prior to maturity: P.o~ id~~d, however, that written notice of an intention to exercise such privilege ~ is given at least thirty (30) days prior to prepayment; and, pcovided further, that in the event the debt is paid in ~ Euit pcior to maturity and at that time it is insured under the provisions of the National Housing Act, he wil! pay to ~ the mortgagee an adjusted premium charge of one per centum {t a) oE the o~iginal prir~cipel amount thereof, except ; that in no event sha11 the adjusted premium exceed the aggregate amount of premium charges which would have = been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- ; gagee upon its obligation to the Seccetary of Nousing and Urban Development on account of modgage insurance. 2. That, in order more fulty to protect the security of this mortgage, the mortgagor, together with, and in addi- tion ta, the monthip payments under the terms oi the note secured hereby, on the fi~st day of each month until the = saed note is fully paid, will pay to the mortgagee the following sums: r~+~ An amount suf(icient to rovide the holder hereo( wtth tunds to p pay the next mo~tgage insurance premium if this instru- meat and ihe note secared hereby are ~nsured, or a monthly charge (in lieu of a mortgase insurance premium) if they ore hetd by the Sec•retary of Fiousing and Urban Deoelopment, as follows: (I) If a~d so lung as said note of ec~en date and this instrument are insured or are reinsured under the provisions ot the - \ational Nous~ng Act, an amuunt suftic~rnt to accumulate in the hands of the ho(der one (1} month prior to its dut date the annuat mort6age ~ns~ranre premium, in order to pruvide such hotder w"tth funds to pay suchptemium to the - Serretary ut Nous~ng and Urban Development pursuant to the National Hous~ng Act, as amended, and opplicable Regu- lations thereunder; or _ tlI) If and so long as said note ot esrn date ar.a t!:e~ 5::~!r_ment are held by the Secretary o( Housing and Urban Develop- - me~t, a monthty charge ~in lieu of a mortgage insurance premium) which shall be in an amount egual to one-twel(th ( 1 12) ot one-half (~~2) per centum of the average outstanding bala~ce due on the rtote computed without taking into acc-ount delinquencies or prepayments; ~ A sum eyual to !he ground rents, if any, nest due, plus the premiums that will next become dut and payable on policies - uf f~re and other hazard insurance co~•e~~ng the mortgaged ptoperty, pius taxes and assessments neYt due on the mort- ~ gaged property (all as est?mated bp the murtgagee) less all sums already paid theretor divided by the number of months - to etapse be(ore one munth pnor to the date when such ground rents, premiums, taxes, and assessments will become de- ± linquent, such sums to be held b~• muttgagee in trust to pay satd ground rents, premiums, taxes, andspecialassessments; and ~ ~ Aii pa„r.rnts mentlonrd ?n the two preced~ng subsections of this paragraph and al! payments to be made under the note secured hereb}- shall be added together and the aggregate amount thereof sh~l! be paed by the mortgagor each month in a _ ~~nRle payment to be applied by the m.ortqagee to the toltowinq ?tens ~n the order set torth: ~ (Il premwm charges under the cantract ot ~nsuranre wtth the Secretory of Nous?ng and Urb~n Development, or mortthly = charge (in lieu of mortgage insurance premium), as the case may be; _ tlll ground rents, taxes, assessments, [ire, and other hazard insurance premiums; ([IIl interest on the note secured hereby; and ~ (IYI amoKUation of the principat of sa~d note. Any deficiency in the araount of such aggregate monthly payment shall, unless made good by the mortgagor Y rior to the due date of the next such ~ _ P payment, constitute an event of default under this m,ortgage. The mortgagee . may coltect a"late charge" net to exceed two cents (2Q) for each dot(ar (S1) o[ each payment more than fifteen (IS) da~•s in arrears to cover the extra expertse involved irt handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagor utder (b) of paragraph 2 preceding shall exceed the amount of the payments actually made by the mortgbgee, for ground rents, taxes and assessments and insur- ance premiums,as the case may be, such excess at the option of the mortgagee, sha11 be credited on subsequent ~ ~ payments to be made by the mortgagor, oc refunded to the mortgagor. If, however, the monihly paymeMs made by ~ the mortgagor under /h) of paragraph 2 preceding shall not be sufficient to pay g~ound rents, taxes and assess• ~ = ments and insurance premiums, as the case may be, when the same shall become due and payable, then the mort- ` ~ gagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pay- ` ment of such grw,u3 rer~~s, taxes. assessments, or insurance premiums shall be due. If at any time the matga- - gor shall tender to tne mortgagee in accordance with the pcovisions of the note secured hereby, [ull peyment of the _ entire irdebtedness represented thereby, the mortgagee shali. in computirg the amount of such indebtedness, ~ credit to the account of the mortgagor all payments made under the provisions o[ (n) of paragraph 2 hereoi whichthe - mortgagee has not become obligated to pay to the Secretaty of Housing and Urban Development and any batance - remaining ~n t6e funds accumulated under the provisions of (h) of said paragraph 2. IE there shall be a default un- = der any o[ the provisions af this mortgage, resultinR in a public sale of the premises covered hereby, a if the : mortgagee acquires the prope~ty otherwise after default. ihe mortgagee shaU appiy, at the time o[ the commence- 3 ment of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the furds . i - accumulated under /b) of paragraph 2 preceding as a credit egainst the amount of principal then remaining unpaid _ under said note and shall property adjust any payments which shall have been made under (a) of said pecagraph. - B~~K 1~ I6 P~~E 568 #